Placed some coins into MtGox, but are wondering how many? The MtGox website is now allowing users to check their account balance to see how many bitcoins they have.
MtGox Users Allowed to Login
The ex-Bitcoin exchange has slightly updated its homepage to show a login screen and a message that is inviting users to login so that they can check their account balances. The message reads:
Important announcement to all users confirming their account
This balance confirmation service is provided on this site only for the convenience of all users.
Please be aware that confirming the balance on this site does not constitute a filing of rehabilitation claims under the civil rehabilitation procedure and note that the balance amounts shown on this site should also not be considered an acknowledgment by MtGox Co., Ltd. of the amount of any rehabilitation claims of users.
This basically means that users can check their account balance, but it will not do much for anything other than personal confirmation. In addition, this is a reference to MtGox’s bankruptcy case and the Japanese Civil Rehabilitation Law. These are counting the ex-Bitcoin exchange’s assets in order to come up with a liquidation value.
MtGox Users in For the Long Haul
MtGox users with Bitcoin might be able to get a portion of their wallet’s worth based on the final totals of the exchange’s assets. MtGox’s website also reads,
Rehabilitation claims under a civil rehabilitation procedure become confirmed from a filing which is followed by an investigation procedure. The method for filing claims will be published on this site as soon as we will be in situation to announce it.
MtGox users will be allowed to file claims against MtGox in order to get some of their money back. This is good news since it means that the Bitcoin community can hope for some sort of justice from the MtGox debacle.
One might wonder, however, since MtGox claimed that it had lost 750,000 of its users’ bitcoins and 100,000 of its own, how will the users be able to see coins that are lost? Perhaps the wallets will show the account balances before the bitcoins were lost.
Hackers Report Interesting Findings
Or mayhap, the bitcoins are not entirely lost. Hackers had recently taken over Mark Karpeles’ reddit and blog account to post what they had found out. They’d written on the blog,
“It’s time that MTGOX got the bitcoin communities wrath instead of Bitcoin Community getting Goxed. This release would have been sooner, but in spirit of responsible disclosure and making sure all of ducks were in a row, it took a few days longer than would have liked to verify the data.”
The hackers reported that according to MtGox’s data, the exchange had 951,116.21905382 bitcoins in its system. This implies that MtGox could have the remaining hundred thousand bitcoins. This could possibly mean that MtGox omitted some important facts.
All in all, it is good that users can finally see their account balance on MtGox’s website, however, it doesn’t solve the entire problem. It is comforting to see numbers inside one’s wallet, but, the guarantee of getting one’s coins back seems slim to none. One may, however, be able to receive some percentage of their Bitcoin wallet worth in proportion to MtGox’s total assets.
Only time will tell how this will play out. Stick to Coinreport for further information.
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